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Pat Boone: Obama's Plan to Raise Estate Tax is 'Robbery'
Newsmax ^ | Friday, 22 Jun 2012 09:26 PM | Todd Beamon and John Bachman

Posted on 06/23/2012 4:49:33 AM PDT by Olog-hai

President Barack Obama's promise to raise the estate tax by 5 percent to 55 percent should he be re-elected in November is “not just wrong, it’s criminal,” legendary singer Pat Boone told Newsmax.TV.

"People that have worked hard, people who have saved, paid their taxes, set something away and now want to leave it to their family—if they have the bad judgment to die, the government will step over and say: ‘Thank you. We will take 55 percent of that,’” Boone told Newsmax in an exclusive interview on Friday.

“And if you have to sell your business, have to sell your house, have to borrow the money, you have to pay the government 55 percent of whatever was left—I think that’s just robbery. It’s not just wrong; it's criminal. It ought to be abolished, and it must be abolished.”

Boone is a spokesman for the 60 Plus Association, the nation’s leading conservative seniors organization. It was founded 19 years ago as a counterpart to AARP and now has 7 million members. The group's chairman is Jim Martin.

On Friday, the association launched its “60 Plus Healthcare Freedom Bus Tour,” in Florida with Boone and Martin speaking about issues critical to this year’s election. The tour stops in Virginia and Ohio in the coming weeks. …

Martin said the 60 Plus Association has been working to get the estate tax—what it now calls the “death tax”—abolished. …

(Excerpt) Read more at newsmax.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; Government
KEYWORDS: 55percent; deathtax; estatetax; patboone

1 posted on 06/23/2012 4:49:46 AM PDT by Olog-hai
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To: Olog-hai

The Estate Tax is not robbery...

It’s Social Justice.

/Sarcasm/


2 posted on 06/23/2012 4:52:57 AM PDT by ripley
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To: Olog-hai

obamma cannot just raise taxes if he chooses. It has to go through Congress and the Republicans will never go along with obamma on this. So Pat, just keep doing what you are doing, and put your worries behind you.


3 posted on 06/23/2012 4:56:17 AM PDT by rawhide
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To: Olog-hai
"People that have worked hard, people who have saved, paid their taxes, set something away and now want to leave it to their family—if they have the bad judgment to die, the government will step over and say: ‘Thank you. We will take 55 percent of that,’” Boone told Newsmax in an exclusive interview on Friday.

Whassamatter, Pat -- don't want to give all your stuff to the Obama-Chicago Thug Machine???? Where's your civic pride???

4 posted on 06/23/2012 4:57:25 AM PDT by Jerrybob (Truth -- the new hate speech.)
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To: Olog-hai

The taxes on this money has already been paid by those who earned it. This is double taxing.


5 posted on 06/23/2012 5:12:39 AM PDT by Venturer
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To: Venturer

Exactly. The right ‘death tax amount’ is zero.


6 posted on 06/23/2012 5:14:40 AM PDT by BelegStrongbow (St. Joseph, patron of fathers, pray for us!)
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To: ripley

And, in a little house in Omaha, Nebraska, the sage licks his chops.


7 posted on 06/23/2012 5:26:04 AM PDT by Eric in the Ozarks
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To: Olog-hai

“...the government will step over and say: ‘Thank you. We will take 55 percent of that,’”

Wrong.

They’ll take it without saying “Thank you.” They’ll just take it. And then tell you it’s your civic duty.

And if you complain, get ready for the IRS audit...


8 posted on 06/23/2012 6:41:08 AM PDT by Tigerized ("..and whack 'em, and whack 'em, and whack 'em!' cried the Toad in ecstasy." (also my 2012 strategy))
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To: Olog-hai
WTH people, if a tax is, is “not just wrong, it’s criminal,” @ 55% then it is at the current 50# as well!

Anyone know if the tax applies to life insurance benefits?

9 posted on 06/23/2012 7:15:36 AM PDT by Errant
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To: Eric in the Ozarks

“And, in a little house in Omaha, Nebraska, the sage licks his chops.”

I can’t find the meaning of that nuance in my dictionary of nuances.

Just saying.


10 posted on 06/23/2012 7:43:12 AM PDT by ripley
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To: Errant
Anyone know if the tax applies to life insurance benefits?

Don't know about that, but you do have to pay taxes on SS payments...and SS payments taken out of your check is already a tax. TAX EVERYTHING!!!!!!!!

FMCDH(BITS)

11 posted on 06/23/2012 7:54:34 AM PDT by nothingnew (I fear for my Republic due to marxist influence in our government. Open eyes/see)
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To: rawhide

He will just write and Executive Order, have Nancy Pelosi wave her hand and deem it so....


12 posted on 06/23/2012 8:11:22 AM PDT by Vendome (Don't take life so seriously, you won't live thnrough it anyway)
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To: Olog-hai
Third Plank of the Communist Manifesto: Abolition of all rights of inheritance.

All they have to now is raise it from 55% to 100%.

13 posted on 06/23/2012 8:15:58 AM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: rawhide
obamma cannot just raise taxes if he chooses.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!

Sorry. I just couldn't help myself.

14 posted on 06/23/2012 8:18:22 AM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: E. Pluribus Unum

On Obama’s drawing board is a series of concentration camps to house those earn more than $250000 who don’t tithe at least 10% of their gross income to Obama’s campaign fund. This tithing wii not be tax deductible. Additionally the tax rates will be doubled. Exempted from these measures will the Hollywood types and other celebrities Obama like to rub shoulders with. Also exempted will be all Democrat officeholders and those who look like him.


15 posted on 06/23/2012 8:33:08 AM PDT by monocle
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To: ripley
Warren Buffet is the “Sage of Omaha.” His Berkshire Hathaway Company owns several insurance companies that provide a steady stream of cash for acquisitions. Many of the companies Buffet has bought were sold because the owners couldn't pay inheritance or other taxes.
That's why Buffett loves his O’bama...
16 posted on 06/23/2012 8:58:02 AM PDT by Eric in the Ozarks
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To: Errant

Anyone know if the tax applies to life insurance benefits?


Life insurance policies are “owned” by someone. If you are the “insured” and the “owner” of the policy, the insurance proceeds will be included in the taxable assets of the estate that are subject to the estate tax, after the deduction of the current estate tax exemption amount.

To confirm the ownership of a policy, contact the life insurance company that issued the policy and ask them to confirm the ownership of the policy. Concurrent with that, check who the “beneficary” is - if the policy is several years old, the original beneficiary may not be whom you want to receive the proceeds at this time. If you are the “owner” of the policy, you can change the “beneficiary”.

If you own the policy and want it out of the taxable estate, you will have to make a gift of the policy to another “owner”, who will then have it included in their estate. If the cash value of the policy exceeds $13,000, you will then have to contend with the “gift” tax.

Good luck...


17 posted on 06/23/2012 9:05:01 AM PDT by LaMudBug
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To: LaMudBug
Thanks!

the insurance proceeds will be included in the taxable assets of the estate that are subject to the estate tax

Well, I have to say that "SUCKS!"...

Will check it out as you suggest, but I may just have to drop the policy if indeed half of what I'm paying in monthly ( significant ) life insurance fees insures the dang government gets half of my survivor benefits.

There have to be better alternatives...

18 posted on 06/23/2012 9:39:28 AM PDT by Errant
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To: Eric in the Ozarks

Thank You!

Best Regards.


19 posted on 06/23/2012 10:41:00 AM PDT by ripley
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To: Errant

This URL will take you to the IRS simplified explanation of the Federal Estate Tax.

http://www.irs.gov/businesses/small/article/0,,id=164871,00.html


20 posted on 06/23/2012 12:40:48 PM PDT by LaMudBug
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To: Errant

This URL will take you to the IRS simplified explanation of the Federal Estate Tax.

http://www.irs.gov/businesses/small/article/0,,id=164871,00.html


21 posted on 06/23/2012 12:41:21 PM PDT by LaMudBug
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To: LaMudBug
I will probably drop it. The money would be better used to maybe buy my survivors life time hunting/fishing licenses, provide for long term care and other options. At least half the proceeds wouldn't go to the federal government.

Life insurance proceeds shouldn't be taxed, IMO, much less at 50%. If I had known they were, I wouldn't have kept the insurance this long!

Thanks again!

22 posted on 06/23/2012 1:15:21 PM PDT by Errant
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To: Errant

My state farm agent told me life insurance benefit is not taxed. In other words, when your beneficiary gets the money, they do not have to pay tax on it.


23 posted on 06/23/2012 1:20:24 PM PDT by visualops (artlife.us)
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To: Errant

I should point out that the beneficiary should be a specific person or persons, not your estate. The person is paid immediately in a lump sum and it is not part of your estate.
Check with your agent or insurance company to be certain of your circumstances.


24 posted on 06/23/2012 1:27:49 PM PDT by visualops (artlife.us)
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To: visualops; LaMudBug

I’m going to look into it thoroughly! Thanks All!


25 posted on 06/23/2012 1:29:36 PM PDT by Errant
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To: Tigerized
They’ll take it without saying “Thank you.” They’ll just take it. And then tell you it’s your civic duty.

i was speaking with a friend of mine about a settlement he has with the IRS (It was agreed to three years ago) and he mentioned that his attorney mentioned that it's not uncommon for them to take over a decade to cough up.

But if they think you owe them...

26 posted on 06/23/2012 1:38:19 PM PDT by Cowman (How can the IRS seize property without a warrant if the 4th amendment still stands?)
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To: Tigerized
They’ll take it without saying “Thank you.” They’ll just take it. And then tell you it’s your civic duty.

i was speaking with a friend of mine about a settlement he has with the IRS (It was agreed to three years ago) and he mentioned that his attorney mentioned that it's not uncommon for them to take over a decade to cough up.

But if they think you owe them...

27 posted on 06/23/2012 1:38:35 PM PDT by Cowman (How can the IRS seize property without a warrant if the 4th amendment still stands?)
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To: Olog-hai

My MIL died last summer, and we’re still dealing with the aftermath. After battling cancer for 10 years, she didn’t have any cash left to speak of.

She was an artist who enjoyed lots of recognition (has several permanent exhibits in museums all over the country, etc.), but never actually sold enough art to make a living at it (she had a professorship, and lived off her settlement from her first husband and Social Security).

We had to hire an IRS-approved art appraisor to value all her unsold art... the appraisal cost us $35K for the inventory process (with professional photos of each piece) and another $14K for the report to submit to the IRS. We also had to get a professional appraisal for her house and art studio in Los Angeles.

It may take us decades to sell her art, but we have already had to send the IRS a check for $245,000, which we hope will be approved whenever they get around to reviewing the filing. Legal bills have also gone over $100K so far, and we’re not quite done yet.

My MIL had been talking for years about destroying all her art so she wouldn’t bankrupt the family. She was right about that.


28 posted on 06/23/2012 2:32:39 PM PDT by Cementjungle
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